File - Russian gas giant Gazprom has made no secret it aims to claw back its market share, having built a new pipeline to Germany.
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The European Union Monday imposed travel-visa bans and asset freezes on 21 individuals and U.S. President Barack Obama issued an executive order naming seven Russians for sanctions.Russia, the world's largest oil producer, exported $160 billion worth of crude, fuels and gas-based industrial feedstocks to Europe and the U.S. in 2012 . While shutting the spigot on Russian energy exports would starve the Moscow government of essential flows of foreign cash, the price may be too high for European consumers and it may not alter Putin's plans, said Jeff Sahadeo, director of Carleton University's Institute of European, Russian and Eurasian Studies. European members of the Paris-based International Energy Agency imported 32 percent of their raw crude oil, fuels and gas-based chemical feedstocks from Russia in 2012 .Crimea, a dominion of Russia and then the Soviet Union for more than two centuries before the Communist empire collapsed in 1991, voted Sunday to join Russia.The EU's bill for Russian oil and gas amounted to $156.5 billion in 2012, 38 times what the U.S. spent for Russian energy, according to the International Trade Center's Trade Map, a venture sponsored by the World Trade Organization and the United Nations.
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